It’s a seller’s market. If you haven’t sold your home recently, you might be interested to hear a bit about what that experience is like in the Seattle market these days.
Once a home has been prepped for sale — which takes very little work in such a strong seller’s market — the agent and homeowner agree on a list price based on sales of comparable properties. This is easier said than done when homes are selling so quickly at ever-escalating prices. If the agent and seller anticipate multiple offers, they also set an offer review date. That date is usually 5-7 days after the home goes on the market. This strategy typically nets a higher sale price for the seller than if they accept the first offer that comes in. Appropriately priced homes in West Seattle usually receive anywhere from 3 to 15 offers that meet or exceed the list price and are not contingent on inspection; buyers have either pre-inspected the property or waived inspection. This essentially results in “As Is” sales. It is not unusual to receive all-cash offers and/or offers with down payments of 30-50%. The agent then prepares an analysis of all the offers to determine which are the strongest. You may be surprised to hear that the highest offer price doesn’t always constitute the strongest offer. A “strong” offer is one that has the best chance of closing quickly and without incident. I.e. if there is a loan involved, the lender has a good track record for closing on time, and the contract includes few, if any, “outs” for the buyer. Once buyers and sellers have reached Mutual Acceptance — and disappointed 2 to 14 buyers — the sale will usually close in about 30-45 days.
After that, the seller often gets to experience the process in reverse!
Any questions?
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